💥 Coinbase Looking To Acquire $1.6B of MakerDAO’s USDC 💥

TheDinarian

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The centralized exchange hopes to dissuade Maker from exiting its USDC holdings amid fallout from the US’ Tornado Cash sanctions

thedinarian

September 07, 2022

The very-centralized crypto exchange Coinbase has proposed an investment line with MakerDAO, the organization behind the largest decentralized stablecoin.

It appears adversity truly does make strange bedfellows.

The proposal would move a third of the Circle stablecoin backing Maker’s dai stablecoin, an estimated $1.6 billion, to Coinbase Prime in exchange for 1.5% yield — or an estimated $24 million of MakerDAO revenue. The proposal comes as Coinbase stock has plummeted and Maker reckons with the regulatory risk created by its USDC holdings.

Maker making the most of its USDC

MakerDAO is the largest single USDC holder.

The stablecoin makes up 35% of dai’s collateral, roughly $4.8 billion. The dollar-backed stablecoin allows Maker to invest in non-crypto assets, as with its recent $100 million credit line inked with Huntingdon Valley Bank.

Maker’s leadership has been calling for the DAO to shift away from USDC since the token’s developer team blacklisted Ethereum addresses in response to US Tornado Cash sanctions. But the Maker community was sour on Circle — even before the Treasury got involved.

“In the last couple of years, Maker has been actively contemplating how to get the USDC off its balance sheet,” Greg Di Prisco, Maker’s former head of business development, told Blockworks. “Maker holds USDC and makes nothing.”

The Coinbase proposal is being pitched as a way to get a return on the DAO’s dead weight USDC holdings. And while Coinbase does not follow Maker’s decentralized principles, the DAO’s leadership sees the centralized exchange as a pragmatic business partner.

“In an ideal world I would say we are completely crypto collateral backed because we get maximum decentralization. This is impossible in my view though,” Sam MacPherson, an engineer at Maker, told Blockworks. “There’s just not enough demand for loans against ETH [and other cryptocurrencies].”

Even Rune Christensen, MakerDAO’s co-founder who has led the charge calling for Dai to move its backing to Ethereum, voiced support for the initiative, writing under Coinbase’s forum post, “from a regulatory/legal/seizure risk perspective, this proposal changes nothing – it’s no different than holding USDC.”

Coinbase keeps a customer

The proposal would keep Maker as a customer for Coinbase, which co-founded USDC in 2018. The company earns interest from Circle on its USDC holdings, which totaled $360 million in June, per Coinbase’s SEC filings.

Coinbase is making its pitch weeks after Christensen threatened to “yolo” Maker’s USDC holdings into ether following the Tornado Cash sanctions.

“Coinbase is now saying, ‘Hey, so, you don’t leave USDC, we’ll give you 1.6% to stay,’” Di Prisco said.

Coinbase has endured a rough year amid the crypto market downturn. The company’s revenue and active users shrunk between the first and second quarters, and Coinbase’s stock price has fallen nearly 75% since the start of 2022.

The exchange is also the subject of multiple lawsuits regarding its listing of digital assets the SEC has recently deemed securities.

Coinbase will hope for a stroke of positive news when its proposal is put to a vote on Maker’s governance portal.

Coinbase declined to comment.

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Dear friend,

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Pray for Iran’s civilians.

Pray for the Israelis caught in the crossfire.

Pray for a President who still wants peace.

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Because the war has started.

But the truth has just begun to spread.

Until next time, God bless you, your family and nation.

Take care,

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Source:

George Christensen is a former Australian politician, a Christian, freedom lover, conservative, blogger, podcaster, journalist and theologian. He has been feted by the Epoch Times as a “champion of human rights” and his writings have been praised by Infowars’ Alex Jones as “excellent and informative”.

George believes Nation First will be an essential part of the ongoing fight for freedom:

“The time is now for every proud patriot to step to the fore and fight for our freedom, sovereignty and way of life. Information is a key tool in any battle and the Nation First newsletter will be a valuable tool in the battle for the future of the West.”
— George Christensen.

Find more about George at his www.georgechristensen.com.au website.

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June 14, 2025

The Possible Impact Of USDC On The XRP Ledger And RLUSD

Key Points

It seems likely that USDC on the XRP Ledger (XRPL) boosts liquidity, benefiting XRP, though some see it as competition for RLUSD.
Research suggests both stablecoins can coexist, enhancing the XRPL ecosystem.
The evidence leans toward increased network activity being good for XRP, despite potential competition.

The recent launch of USDC on the XRP Ledger has sparked discussions about its impact on the ecosystem, particularly in relation to RLUSD, Ripple's own stablecoin. This response explores whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.

Impact on Liquidity and XRP

The introduction of USDC, a major stablecoin with a $61 billion market cap, likely increases liquidity on the XRPL by attracting more users, developers, and institutions. This boost can enhance DeFi applications and enterprise payments, potentially driving demand for XRP, the native token used for transaction fees. While some may view it as competition for RLUSD, the overall effect seems positive for the XRPL's growth.

Competition vs. Coexistence with RLUSD

USDC and RLUSD cater to different needs: USDC appeals to those valuing regulatory compliance, while RLUSD, backed by Ripple, may attract users preferring ecosystem integration. Research suggests both can coexist, increasing options and fostering innovation, rather than purely competing.

Detailed Analysis of USDC on XRPL and Its Implications

The integration of USDC on the XRP Ledger (XRPL), announced on June 12, 2025, by Circle, has significant implications for the ecosystem, particularly in relation to RLUSD, Ripple's stablecoin launched in 2024. This section provides a comprehensive analysis, exploring whether this development is more about competition for RLUSD or if it enhances liquidity on the XRPL, ultimately benefiting XRP.

Understanding RLUSD and Its Role

RLUSD, Ripple's stablecoin, received approval from the New York Department of Financial Services (NYDFS) in 2024 and is designed to be fully backed by cash and cash equivalents, ensuring stability. It is available on both the Ethereum and XRP Ledger blockchains, aiming to enhance liquidity, reduce volatility, and serve cross-border payments. With a current market cap of $413 million, RLUSD is smaller than USDC's $61 billion but has regulatory credibility, particularly appealing to institutions.

Impact of USDC on the XRPL

The launch of USDC on the XRPL is a significant development, given its status as the second-largest stablecoin by market cap.

Key impacts include:

Liquidity Boost: USDC's integration can attract more users, developers, and institutions, increasing overall liquidity. This is crucial for DeFi applications, as Circle's announcement emphasizes its use in liquidity provisioning for token pairs and FX flows.
Increased Utility: USDC enhances the XRPL's utility for enterprise payments, financial infrastructure, and DeFi, potentially making it more attractive for global money movement and transparent settlements.
Regulatory and Institutional Appeal: As a regulated stablecoin issued by Circle, USDC can bring institutional users to the XRPL, aligning with Ripple's goals for regulated financial activities.
Network Growth: Supporting a widely recognized stablecoin like USDC on 22 blockchains, including the XRPL, increases the network's visibility and adoption, potentially driving more activity.

Competition vs. Complementarity with RLUSD

While USDC's launch could be seen as competition for RLUSD, the evidence suggests a more nuanced relationship:

Competition: Both are stablecoins on the XRPL, and USDC's larger market presence ($61 billion vs. RLUSD's $413 million) might attract users and developers away from RLUSD. However, competition can drive innovation, such as lower fees or better services, benefiting the ecosystem
Complementarity: Different stablecoins cater to different needs. USDC appeals to users valuing regulatory compliance and widespread adoption across multiple blockchains, while RLUSD, backed by Ripple, may attract those preferring ecosystem integration and regulatory approval from NYDFS. The XRPL can benefit from having multiple options, increasing liquidity and fostering a diverse ecosystem.
Coexistence Benefits: Research suggests that having multiple stablecoins enhances liquidity and provides users with more choices, potentially leading to higher network activity. For example, institutions might use USDC for global payments and RLUSD for specific XRPL-integrated applications, creating a symbiotic relationships.

Impact on XRP

The introduction of USDC, alongside RLUSD, is likely beneficial for XRP, the native token of the XRPL, for several reasons:

Increased Liquidity and Activity: Higher liquidity on the XRPL, driven by both stablecoins, can increase transaction volumes. XRP is used for transaction fees, with some fees burned, potentially reducing supply over time and increasing demand.
DeFi and Enterprise Use Cases: Both USDC and RLUSD enhance DeFi and enterprise applications, such as liquidity pools and cross-border payments, which can drive demand for XRP as a settlement token.
Network Growth: A more liquid and active XRPL is more attractive to developers and users, potentially leading to long-term growth for XRP, as increased utility can drive its value.

Expert analyses, such as those from u.today and ledgerinsights.com, suggest the launch is a "massive boost" for liquidity and adoption, with RLUSD also playing a significant role.

Comparative Analysis: USDC vs. RLUSD

To further illustrate, consider the following table comparing key attributes:

Given the evidence, it is more accurate to view the introduction of USDC on the XRPL as beneficial for liquidity, which is ultimately good for XRP, rather than solely as competition for RLUSD. The XRPL benefits from increased options, with both stablecoins enhancing liquidity, utility, and network growth. While some competition exists, the overall impact is positive, fostering a robust ecosystem that can drive demand for XRP. This conclusion aligns with expert analyses and community discussions, acknowledging the complexity of the stablecoin market within the XRPL.

Source

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